F-1.2 - Act respecting farm financing

Section 63 Disposition versions

1988-12-12

63. Pursuant to an agreement contemplated in section 113, the Office may authorize the granting of a loan, line of credit or special loan in favour of an Indian within the meaning of the Indian Act (Revised Statutes of Canada, 1985, chapter I-5), of a Cree or Naskapi beneficiary within the meaning of the Cree-Naskapi (of Québec) Act (Statutes of Canada, 1984, chapter 18), of a band member within the meaning of either of the said Acts, or of an Inuk, as the case may be, on a reserve in Québec within the meaning of the Indian Act or on Category I or Category I-N lands within the meaning of the Act respecting the land regime in the James Bay and New Québec territories (chapter R-13.1), as the case may be, or of a group composed of those persons, despite the fact that he or it is neither the owner nor lessee of the farm included in the farming business he or it operates, without requiring the security contemplated in sections 19, 20, 21, 38 and 43, provided

(1)  in the case of an Indian or band member, that he holds a Certificate of Possession of the farm, issued or transferred under the Indian Act or provided, in the case of a group, that the group or one or several of its members having the operation of the farming business as its or their principal occupation hold or holds such a certificate;

(2)  in the case of a Cree or Naskapi beneficiary or of a band member within the meaning of the Cree-Naskapi (of Québec) Act, that he holds, in respect of the farm, a lease or any other right referred to in section 132 of the said Act and, in the case of a group, that the group or one or several of its members having the operation of the business as its, his or their principal occupation holds or hold such a lease or right;

(3)  in the case of an Inuk, that he holds in respect of the farm a lease or any other right referred to in section 116 of the Act respecting the land regime in the James Bay and New Québec territories and, in the case of a group, that the group or one or several of its members having the operation of the business as its, his or their principal occupation holds or hold such a lease or right;

(4)  that the term of the lease or right prescribed under subparagraph 2 or 3 or the unexpired portion thereof is equal to or longer than the term of the loan.

The borrower referred to in the first paragraph shall also meet the other conditions required under this Act and the regulations to be a farmer, aspiring farmer or group operation.

1987, c. 86, s. 63.

1988-08-11

63. Pursuant to an agreement contemplated in section 113, the Office may authorize the granting of a loan, line of credit or special loan in favour of an Indian within the meaning of the Indian Act (Revised Statutes of Canada, 1970, chapter I-16), of a Cree or Naskapi beneficiary within the meaning of the Cree-Naskapi (of Québec) Act (Statutes of Canada, 1984, chapter 18), of a band member within the meaning of either of the said Acts, or of an Inuk, as the case may be, on a reserve in Québec within the meaning of the Indian Act or on Category I or Category I-N lands within the meaning of the Act respecting the land regime in the James Bay and New Québec territories (chapter R-13.1), as the case may be, or of a group composed of those persons, despite the fact that he or it is neither the owner nor lessee of the farm included in the farming business he or it operates, without requiring the security contemplated in sections 19, 20, 21, 38 and 43, provided

(1)  in the case of an Indian or band member, that he holds a Certificate of Possession of the farm, issued or transferred under the Indian Act or provided, in the case of a group, that the group or one or several of its members having the operation of the farming business as its or their principal occupation hold or holds such a certificate;

(2)  in the case of a Cree or Naskapi beneficiary or of a band member within the meaning of the Cree-Naskapi (of Québec) Act, that he holds, in respect of the farm, a lease or any other right referred to in section 132 of the said Act and, in the case of a group, that the group or one or several of its members having the operation of the business as its, his or their principal occupation holds or hold such a lease or right;

(3)  in the case of an Inuk, that he holds in respect of the farm a lease or any other right referred to in section 116 of the Act respecting the land regime in the James Bay and New Québec territories and, in the case of a group, that the group or one or several of its members having the operation of the business as its, his or their principal occupation holds or hold such a lease or right;

(4)  that the term of the lease or right prescribed under subparagraph 2 or 3 or the unexpired portion thereof is equal to or longer than the term of the loan.

The borrower referred to in the first paragraph shall also meet the other conditions required under this Act and the regulations to be a farmer, aspiring farmer or group operation.

1987, c. 86, s. 63.